THE government is urging British investors to choose to do business in the Philippines, as the country will deliver on bringing significant returns and opportunities to grow and prosper.
“If you are looking for a place to grow your business and make more money, I’d say: Choose the Philippines. Make it happen in the Philippines. Because there is no other country in the world, at this moment, that holds so much potential to boost your investments,” Finance Secretary Ralph Recto said in his keynote address at the Philippine Economic Briefing in London last October 31.
“If there is one country that can stand witness to the best that the Philippines can give the world, it is most probably the United Kingdom. The presence of around 250,000 Filipinos here in the UK today is a testament to this, with more or less a fifth of them providing critical services to the British healthcare system,” he added.
Recto highlighted the country’s stable political environment, strong economic potential, on-track fiscal consolidation path, healthy external accounts, growing middle class and the country’s decelerating inflation rate as key factors creating a conducive investment climate for British enterprises to flourish in the Philippines.
Given that the Euro market has been a vital source of financing for the Philippines, Recto also urged British investors to increase financial integration, especially as the country enters into JP Morgan’s Bond Index soon.
This is expected to boost investor interest in Philippine government bonds, potentially lowering borrowing costs and improving market liquidity.
With the new Public-Private Partnership Code, Recto also encouraged business leaders to submit unsolicited proposals, respond to solicited ones or explore more joint ventures with the Philippines on its 186 flagship infrastructure projects.
To facilitate British investors’ swift entry into the Luzon Economic Corridor, he likewise announced that the government will soon enact new amendments to its fiscal incentives regime, known as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy.
“This policy is specifically designed to address your concerns and tailor fiscal and non-fiscal incentives to meet your specific needs,” he told investors.
Recto also told investors to watch for a proposal to reduce the tax on stock transactions from 0.6 percent to just 0.1 percent, which will lower friction costs and align the Philippines with its regional peers.
“It has been long proven: just give Filipinos the opportunity and watch them deliver their best. So I am urging you to bet on us. Make the wise decision to invest in the Philippines. And we will deliver,” he said.
For the first time in five years, the UK is the Philippines’ number one source of foreign direct investment inflows, with GBP 585.74 million (P44.13 billion) worth of investments to the Philippines as of the end of July 2024, 4,230 percent higher than the previous year.
Moreover, the UK is the country’s eighth-largest source of tourist arrivals, fifth-biggest source of overseas Filipino remittances and top 21st trading partner of the Philippines.
About 220 senior executives and representatives of UK-based corporations, industry associations and financial communities attended the event.
Source: Business Insight
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
